Edgemoor Investment Advisors Inc. Acquires Shares of 2,607 Adobe Inc. (NASDAQ:ADBE)

Edgemoor Investment Advisors Inc. bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 2,607 shares of the software company’s stock, valued at approximately $1,159,000.

A number of other institutional investors and hedge funds have also modified their holdings of ADBE. Nordea Investment Management AB grew its holdings in Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after buying an additional 33,414 shares during the last quarter. Arizona State Retirement System raised its position in shares of Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after buying an additional 570 shares during the period. Public Sector Pension Investment Board raised its position in shares of Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after buying an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. raised its position in shares of Adobe by 201.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after buying an additional 78,384 shares during the period. Finally, Morse Asset Management Inc raised its position in Adobe by 33.0% in the third quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after purchasing an additional 2,113 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ADBE. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a research note on Wednesday, January 15th. Barclays decreased their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Jefferies Financial Group decreased their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and cut their target price for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, Wells Fargo & Company cut their target price on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $540.60.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by insiders.

Adobe Trading Up 4.5 %

Shares of Adobe stock opened at $394.74 on Monday. The firm has a market cap of $171.87 billion, a PE ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. The company has a 50 day simple moving average of $437.03 and a two-hundred day simple moving average of $481.50.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the prior year, the business earned $4.48 EPS. Analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.